At N14,907 per share, Seplat Energy shares hit record high on NGX

Seplat Energy Plc shares have climbed to a new record level on the Nigerian Exchange Limited (NGX), rising 10% in the last 10 days to N14,907.80 from N13,552.60.

The latest rally has pushed the energy company’s shares to their highest level recorded on the NGX, extending a sharp run that has seen the stock more than double in value this year.

NGX data shows Seplat closed at N14,907.80 on September 16, unchanged from the previous trading session, after gaining 10% on September 10.

The move comes against the backdrop of heightened disruption in global energy markets as the ongoing US-Iran conflict continues to affect shipping through the Strait of Hormuz, one of the world’s most important oil trading routes.

Seplat’s recent performance has been defined by a series of sharp upward movements rather than a gradual increase.

The stock closed at N12,320.60 on September 2 before rising 10% to N13,552.60 on September 3. It remained at that level through September 9 before another 10% increase took it to N14,907.80 on September 10. The stock has remained at that level since then.

This means the stock has gained 10 per cent in the last 10 trading days, despite recording no price movement between September 11 and September 16.

The longer-term picture is even more pronounced. On March 17, Seplat traded at about N9,099, meaning its current price represents an increase of approximately 63.9per cent from that level.

At the beginning of the year, the stock was trading at N5,610. At N14,907.80, it has now gained 165.9per cent year to date.

Over the last 12 months, the increase is even larger. From N5,379 to N14,907.80, Seplat has appreciated by approximately 177.1per cent.

The rally has therefore extended well beyond the recent disruption in global oil markets, pointing to a broader re-rating of the company by investors.